Fuel Tech, Inc. (FTEK) Income Statement
FTEK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFTEK revenue and net income
Where FTEK's revenue goes
2025Each bar shows an amount and its share of revenue. FTEK kept −8.7% of revenue as net income.
FTEK profit margins
FTEK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.1% | −0.3% | +3.4% | −9.7% |
| Gross profit | +16.6% | +2.1% | +3.1% | −8.0% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FTEK quarterly EPS vs estimates
Fuel Tech beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.01).
FTEK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.7M | $25.1M | $27.1M | $26.9M | $24.3M | $22.6M | $30.5M | $56.5M | $45.2M | $55.2M |
| Cost of revenue | $14.3M | $14.5M | $15.4M | $15.3M | $12.4M | $11.9M | $19.6M | $36.5M | $27.1M | $36.4M |
| Gross profit | $12.4M | $10.6M | $11.7M | $11.6M | $11.9M | $10.6M | $10.8M | $20.1M | $18.0M | $18.8M |
| Research & development | $2.0M | $1.6M | $1.5M | $895,000 | $1.3M | $1.2M | $1.1M | $1.1M | $1.1M | $4.6M |
| Sales, general & admin | $14.1M | $13.8M | $12.2M | $12.3M | $12.1M | $13.6M | $17.2M | $18.6M | $20.9M | $25.6M |
| Total operating expenses | $16.1M | $15.3M | $14.3M | $13.2M | $13.4M | $15.0M | $19.1M | $19.6M | $22.0M | $30.1M |
| Operating income | −$3.7M | −$4.7M | −$2.7M | −$1.5M | −$1.5M | −$4.3M | −$8.2M | $110,000 | −$7.1M | −$14.8M |
| Interest income | $1.4M | $1.3M | $1.1M | $202,000 | $6,000 | $27,000 | $41,000 | $6,000 | $10,000 | $25,000 |
| Interest expense | — | $0 | $21,000 | $17,000 | $19,000 | $4,000 | $732,000 | $0 | $0 | $0 |
| Income before taxes | −$2.3M | −$1.9M | −$1.5M | −$1.4M | $68,000 | −$4.2M | −$7.8M | $118,000 | −$7.1M | −$15.7M |
| Income taxes | $15,000 | $77,000 | $69,000 | $54,000 | $14,000 | $57,000 | $14,000 | $33,000 | −$46,000 | $1.7M |
| Net income | −$2.3M | −$1.9M | −$1.5M | −$1.4M | $54,000 | −$4.3M | −$7.9M | −$28,000 | −$11.0M | −$17.4M |
| EBITDA | −$1.6M | −$1.4M | −$1.1M | −$931,000 | $828,000 | −$3.4M | −$6.5M | $1.3M | −$2.5M | −$5.6M |
| EPS (diluted) | −$0.07 | −$0.06 | −$0.05 | −$0.04 | −$0.01 | −$0.18 | −$0.32 | $0.00 | −$0.34 | −$0.47 |
| Gross margin | 46.4% | 42.3% | 43.0% | 43.2% | 49.0% | 47.2% | 35.5% | 35.5% | 39.9% | 34.1% |
| Operating margin | −13.8% | −18.7% | −9.8% | −5.7% | −6.1% | −19.2% | −27.0% | 0.2% | −15.6% | −26.9% |
| Net margin | −8.7% | −7.7% | −5.7% | −5.4% | 0.2% | −19.0% | −25.8% | −0.0% | −24.3% | −31.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $6.1M | $7.2M | $7.5M | $5.6M | $6.4M | $5.3M | $7.9M | $7.0M | $5.0M | $6.3M | $8.0M |
| Cost of revenue | $3.8M | $3.4M | $4.0M | $3.8M | $3.0M | $3.4M | $3.0M | $4.4M | $4.1M | $2.9M | $3.1M | $4.4M |
| Gross profit | $2.7M | $2.6M | $3.2M | $3.7M | $2.5M | $3.0M | $2.2M | $3.4M | $3.0M | $2.0M | $3.2M | $3.6M |
| Research & development | $646,000 | $524,000 | $504,000 | $450,000 | $490,000 | $570,000 | $405,000 | $361,000 | $422,000 | $376,000 | $367,000 | $513,000 |
| Sales, general & admin | $3.6M | $3.7M | $4.2M | $3.2M | $3.3M | $3.3M | $3.9M | $3.2M | $3.2M | $3.3M | $3.7M | $3.0M |
| Total operating expenses | $4.2M | $4.2M | $4.7M | $3.7M | $3.8M | $3.9M | $4.4M | $3.6M | $3.7M | $3.7M | $4.0M | $3.5M |
| Operating income | −$1.6M | −$1.6M | −$1.4M | $4,000 | −$1.3M | −$952,000 | −$2.1M | −$179,000 | −$715,000 | −$1.7M | −$801,000 | $133,000 |
| Interest income | $266,000 | $240,000 | $288,000 | $311,000 | $537,000 | $279,000 | $283,000 | $323,000 | $334,000 | $311,000 | $332,000 | $322,000 |
| Interest expense | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $6,000 | $5,000 |
| Income before taxes | −$1.2M | −$1.4M | −$1.2M | $310,000 | −$685,000 | −$739,000 | −$1.8M | $81,000 | −$415,000 | $292,000 | −$470,000 | $459,000 |
| Income taxes | $10,000 | −$1,000 | $4,000 | $7,000 | $4,000 | — | $59,000 | $1,000 | $6,000 | $11,000 | $69,000 | $14,000 |
| Net income | −$1.2M | −$1.4M | −$1.2M | $303,000 | −$689,000 | −$739,000 | −$1.9M | $80,000 | −$421,000 | $281,000 | −$539,000 | $459,000 |
| EBITDA | −$1.4M | −$1.2M | −$1.0M | $482,000 | −$513,000 | −$566,000 | −$1.7M | $179,000 | −$319,000 | $388,000 | −$415,000 | $573,000 |
| EPS (diluted) | −$0.04 | −$0.04 | −$0.04 | $0.01 | −$0.02 | −$0.02 | −$0.06 | $0.00 | −$0.01 | $0.01 | −$0.02 | $0.01 |
| Gross margin | 41.2% | 43.5% | 44.6% | 48.9% | 45.5% | 46.4% | 42.3% | 43.4% | 41.9% | 40.9% | 51.1% | 45.2% |
| Operating margin | −24.1% | −26.2% | −19.7% | 0.1% | −23.5% | −14.9% | −40.1% | −2.3% | −10.2% | −34.1% | −12.6% | 1.7% |
| Net margin | −19.0% | −22.3% | −16.5% | 4.0% | −12.4% | −11.6% | −35.6% | 1.0% | −6.0% | 5.7% | −8.5% | 5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FTEK's financial statements (latest annual report filed March 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FTEK financial results
In fiscal year 2025 (ended December 31, 2025), Fuel Tech reported revenue of $26.7 million, up 6.1% from the year before. It had a net loss of $2.3 million, a net profit margin of −8.7%. Diluted earnings per share came to −$0.07. Over five years revenue grew at an average rate of 3.4% a year.
See the FTEK stock overview for the latest quote and news, or the FTEK chart for price history and technical indicators.
FTEK income statement FAQ
What is Fuel Tech's annual revenue?
Fuel Tech reported total revenue of $26.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 6.1% from $25.1 million the previous year.
Is Fuel Tech profitable?
No. Fuel Tech reported a net loss of $2.3 million in fiscal 2025, a net profit margin of −8.7%; its operating margin was −13.8%.
What is Fuel Tech's gross margin?
Fuel Tech's gross margin was 46.4% in fiscal 2025: for every $100 of revenue, Fuel Tech kept $46 after the direct cost of its products and services.
How much does Fuel Tech spend on research and development?
Fuel Tech spent $2.0 million on research and development in fiscal 2025, 7.5% of revenue.
How fast is Fuel Tech growing?
Revenue grew 3.4% a year on average over the last five fiscal years, from $22.6 million to $26.7 million.
What are Fuel Tech's earnings per share?
Fuel Tech earned $-0.07 per diluted share in fiscal 2025, compared with $-0.06 a year earlier.
When will Fuel Tech report its next earnings?
Fuel Tech is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Fuel Tech's fiscal year end?
Fuel Tech's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 3, 2026.